US Electrical Equipment & Multi-Industry "2Q Preview (Part 1) - Recovery..."

研报英文原文证据摘录

US Electrical Equipment & Multi-Industry "2Q Preview (Part 1) - Recovery..."

Global Research

22 June 2026ab

US Electrical Equipment & Multi-Industry Equities

Americas2Q Preview (Part 1) - Recovery, Not Euphoria

Industrial, Diversified

Amit Mehrotra

This note provides our detailed 2Q outlook for the majority of our Multi-Industry Analyst

coverage universe (27 of 38 companies). The setup remains constructive, though not amit.mehrotra@ubs.com

without debate. Industrial equities have materially outperformed year-to-date, led by +1-201-352 1410

data center beneficiaries, while broader non-AI demand is showing signs of Neal Burk

improvement. We believe low channel inventories, resilient customer confidence, and Analyst

gradually improving end market conditions should support an acceleration in growth neal.burk@ubs.com

through the second half of the year. That said, we do not view 2Q as a quarter likely to +1-212-713 4066

deliver widespread upside surprises. While recent geopolitical developments are helpful, Pratap Singh

we think further progress is needed before they can translate into meaningful demand Analyst

recovery. In our view, 2Q is less about a breakout and more about confirming that the pratap-za.singh@ubs.com

industrial economy is moving back onto firmer footing. +1-212-821 3112

Zachary Walljasper

Growth is improving in 2Q, and we expect a notable step up in 2H Associate Analyst

We forecast median organic growth of approximately +5% in 2Q, modestly above 1Q zachary.walljasper@ubs.com

levels (+4.8%) and well ahead of last year's +3.3%. Importantly, improvement is no +1-212-713 9829

longer confined to AI- and data-center-exposed names. Companies with limited

exposure to the data center buildout are also beginning to see better demand trends,